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Inside Washington (08/21/2012)
  • WASHINGTON (8/22/12)--President Barack Obama Monday again pressed Congress to pass legislation to help more Americans refinance their mortgages. After being asked about the prospects for more action from lawmakers to help create jobs and grow the economy, the president reiterated his call to help millions of responsible homeowners save hundreds of dollars each month. "We're going to be pushing Congress to see if they can pass a refinancing bill that puts $3,000 into the pockets of the average family who hasn't yet refinanced their mortgage. That's a big deal," the president told reporters. "That $3,000 can be used to strengthen the equity in that person's home, which would raise home values." The Obama administration's latest plan to help middle-class families refinance their homes would come with a cost of between $5 billion and $10 billion--paid for through a fee charged to the nation's largest banks (News Now Feb. 3). The Senate Banking Committee is considering three separate refinancing bills …


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